Ripple’s XRP is in sync with the broader crypto market pullback trend being led by the No.1 digital asset Bitcoin (BTC), which currently posted approx 2 percent loss since Monday’s start and nearly 3 percent daily amid short-term bulls capitulating beneath $9,200. XRP is the fourth cryptocurrency with the latest $8.3 billion market value and an average $1.2 billion daily trading volume. The token already declined approx 2.5 percent at present in the last 24 hours to trade at $0.1884. Price collapsed on XRP/USD with the pullback extension beneath $0.1900. The token touched the intraday low at $0.1822 and registered a $0.1907 high. At Ripple, David Schwartz CTO claims that On-Demand Liquidity (ODL) has the potential to perform outside the XRP infrastructure. ODL is the blockchain payment platform used by Ripple primarily for cross-border transactions while allowing companies to create liquidity in new markets as well.
*Price collapsed on XRP/USD with the pullback extension beneath $0.1900
*The token touched the intraday low at $0.1822 and registered a $0.1907 high
*David Schwartz CTO claims that On-Demand Liquidity (ODL) has the potential to perform outside the XRP infrastructure
Resistance Levels: $0.2150, $0.2000, $0.1900
Support Levels: $0.1822, $0.1766, $0.1600
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
Upon confronting a direct rejection from the key $0.19 zone, Ripple’s XRP token has stayed in a bearish position over the weekend. A reversal from here implies a duration of downside price correction over the next few days which is likely to trigger a rebound test of the $0.18/$0.1766 level. For a bullish reversal to materialize, it direly needs to break beyond the resistance level of $0.20, also in convergence with the stubborn daily MA 50.
The inability to do so in the next few days will undeniably cause a downside shift with an initial target appearing at the above mentioned $0.18. The sell-off may be extended to May 10 low at $0.1750 and the psychologically low level at $0.1600 without a rebound next.
XRP/USD 4-Hour Chart: Bearish
XRP/USD 4-Hour Chart
The token reached the intraday low at $0.1822 on the 4-hour time frame, and posted a $0.1907 high; though, the short-term bias continues bearish. XRP/USD trades moderately beneath the $0.19 near-term key resistance. We need to see a lasting shift beyond this key area to boost the short-term picture and enable for recovery to the next nearby barrier created at $0.1965 by 4 hours MA 50.
Once it’s out of the path, the upside is likely to secure traction to the next level of $0.20 being bolstered as resistance level by an MA 200. The main hurdle is the MA 50 bearish cross of the MA 200 which is a sell signal; that being said, the bulls may have to recover the upper line of the recent consolidation channel, combined with the $0.20 range zone, before being given the ability to test upside levels.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock